Compound share

Sensex drops above 500 points, Nifty Trades below 17,650; RIL, Maruti among the best dredgers

The main laggards of the ESB package included RIL, Maruti and Bajaj Finance.

New Delhi: Stock indices plunged on Monday, with the benchmark BSE Sensex losing more than 500 points at the start of the session. At 9:26 am, the 30-stock BSE index was down 503 points or 0.84% ​​to 59,133; while the wider NSE Nifty fell 140 points or 0.79% to 17,625.

The main laggards in the ESB peloton included Reliance Industries (RIL), Maruti, Bajaj Finance, Kotak Mahindra Bank, HCL Tech, Bajaj Finserv and SBI with their shares down 3.73%.

On the NSE platform, all sub-indices were trading in red with Nifty Auto and Nifty PSU Bank down 1.43%.

“Given that most of the quarterly results and the party mood are behind us, the indices should move sideways. As markets around the world try to decode the implications of rising inflation, any heavy selling by IFIs (foreign institutional investors) can take Indian indices go down unless domestic players lend their support, ”said Shrikant Chouhan, head of equity research (retail), Kotak Securities Ltd.

RIL’s shares fell after the company headed by Mukesh Ambani and Saudi Aramco decided to reassess Aramco’s proposed investment in the oil-to-chemicals (O2C) sector. In August 2019, RIL and Aramco signed a letter of intent so that the latter could potentially acquire a 20% stake in the company headed by Ambani.

Maruti shares fell as the automaker ruled out returning to the diesel segment.

As of Thursday, NSE Nifty closed 133 points lower at 17,764; while BSE Sensex lost 372 points to settle at 59,636.

National stock indices were closed on Friday on the occasion of Guru Nanak Jayanti.

On the global front, the Dow Jones Industrial Average fell 0.75% on Monday, the S&P 500 lost 0.14% and the Nasdaq Composite rose 0.40%.